New Home Sales Fall 2.3% in August

New single-family home sales in the United States fell in August to a 6-month low but the supply of homes available on the market dropped to a record low.

The Commerce Department said on Monday sales slipped 2.3 percent to a seasonally adjusted 295,000-unit annual rate, the lowest since February and in line with analysts' forecasts. The government raised its estimate for July's sales pace to 302,000 units from the previously reported 298,000 units.

Economists polled by Reuters had forecast a 295,000-unit rate in August. In the year through August, new home sales rose 6.1 percent.